NZD/USD Analysis

This analysis includes the price movement of the New Zealand dollar against the US dollar on the weekly, daily, and four-hour frames, and expectations about the future movement and market direction.

New Zealand dollar against the US dollar

On the weekly time frame 

The New Zealand dollar against the US dollar on the weekly time frame rose last week by 2.24%
After breaching the upward inclined resistance line, the bullish scenario became closer and reached the resistance area located between 0.74319 and 0.75824 prices.

On the daily time frame

On the daily time frame, we had a buying opportunity mentioned in the previous analysis, which is at the Fibonacci levels at 78% and 88%, and the price rose from it to rise more than 4% to breach the previous high located at 0.71709.
Breaking this top indicates a change in trend from bearish to bullish.
The next destination will be divided into two prices:
The first price is 0.73165 and it represents the resistance line for the previous higher low.
The second price is 0.74310, and it represents the resistance line and the last high recorded by this pair before falling.

On the 4-hour time frame:

The four-hour chart clarifies the support lines that this pair can correct on, which are determined by the Fibonacci tool, from the last bottom to the last high, and the lines are:
-The first support line is located at the price of 0.69962 and represents the 61.8% level of the Fibonacci tool.
-The second support line is located at the price of 0.69358 and represents the 78.6% level of the Fibonacci tool.
-The third support line is located at the price of 0.69021 and represents the 88% level of the Fibonacci tool.

Update on previous analysis:

NZD/USD Analysis 9/27/2021

Tags : NZD-USD